Pi Network Users Frustrated Over Token Revocation

The Pi Network community is in turmoil as thousands of users see their hard-earned Pi tokens revoked. Many individuals who spent years referring others to the platform now find their balances significantly reduced due to unverified accounts failing to complete the Know Your Customer (KYC) process.

Frustration Grows Over Lost Tokens

For years, users have actively recruited others to join Pi Network, enticed by the promise of increased mining rates and additional token rewards. However, many are now facing disappointment as their referred tokens disappear.

Ngoc Ngan, a user from Quang Tri Province, shared her frustration, stating, "For four years, I did everything I could to invite others—promoting on social media, using family members’ and friends’ phones to create accounts under my referral code."

She managed to amass nearly 300 referred accounts, accumulating around 15,000 Pi tokens. While 2,000 tokens were successfully transferred to her mainnet wallet and became tradable, the remaining 13,000 were revoked on March 14 because her referrals failed to complete KYC verification.

A Tightening KYC Deadline

Initially, the Pi Core Team (PCT) set the KYC deadline for the end of 2024. However, it was unexpectedly moved up twice—first to February and then to March 14, which is celebrated as Pi Day within the community.

"I urged my referrals to complete KYC, sending messages, calling them, and posting reminders in Pi Network groups," Ngan lamented. "But it was all in vain—over 10,000 Pi tokens were revoked. Based on the current rate, that’s over $15,000 gone. More importantly, I made significant sacrifices to recruit users, only to be left with nothing."

Hoang Viet, from Quang Ngai Province, faced a similar predicament. With over 6,000 Pi tokens at risk, he grew increasingly anxious as the deadline approached. While his unverified balance still appeared in his account on Friday, he fears that PCT may soon reclaim the tokens due to his referrals' KYC failure.

Community Backlash and Allegations

The backlash has been widespread. Hoang Anh, an administrator of a Pi Network Facebook group with over 150,000 members, reported a surge in complaints about revoked tokens. Some users claim to have lost over 30,000 Pi coins overnight.

The frustration has led to accusations against the Pi Core Team, with some users calling the project a scam and demanding a boycott. Previously enthusiastic supporters now express skepticism about the platform’s legitimacy and its long-term viability.

Why Pi Network Revoked Tokens

According to Duc Cuong, a cryptocurrency expert with five years of experience, the decision to revoke tokens due to unverified accounts is a common practice in airdrop-based cryptocurrency projects.

"This process helps eliminate fake and fraudulent accounts created solely to claim free tokens," he explained. The move ensures that only legitimate users benefit from the network’s rewards, strengthening its long-term sustainability.

The Role of Mainnet Wallets

A blockchain expert in Ho Chi Minh City clarified that Pi tokens already transferred to mainnet wallets remain decentralized and cannot be revoked. However, unverified tokens stored in non-KYC accounts remain under PCT’s control, allowing them to be distributed or removed at their discretion.

The Future of Pi Network

March 14 marked the sixth anniversary of Pi Network. The platform has faced scrutiny over its lengthy development process, taking nearly six years to enter the mainnet phase. However, the launch of trading capabilities on Feb. 20 allowed users to transfer Pi to exchanges, providing a long-awaited opportunity for monetization.

Despite these advancements, Pi’s value has fluctuated, dropping from $1.73 to $1.40 in recent days. The controversy surrounding the revocation of tokens has added to the uncertainty, leaving users questioning the network’s next steps.

As one of the countries with the highest number of Pi miners, Vietnam remains at the center of this unfolding drama. Whether Pi Network can regain trust and stabilize its ecosystem remains to be seen.